Investment update
The Scheme’s investments help meet the cost of providing benefits for all the Scheme’s members. This means that the performance of the Scheme’s investments is very important, and a responsibility we take extremely seriously.
Our investment objectives and strategy are clearly set out in a formal document known as the Statement of Investment Principles (SIP).
The Investment Report, which forms part of the Scheme’s Trustee Report & Accounts contains further detail about the investments and fund managers.
The SIP and a copy of the latest audited Report & Accounts (as at 30 September 2022) can be found in the Financial Reports section of the Library.
Asset allocation
The charts compare the Scheme’s actual investment allocation at 30 September 2022 and 30 September 2021 with our target asset allocation. Due to the long-term view we take when making investment decisions, there can be periods when the actual asset allocation differs from our target asset allocation.
30 September 2022
Target asset allocation
30 September 2021
| Asset class | Investment managers | Strategic benchmark target allocation | Asset allocation at 30/09/2022 | Asset allocation at 30/09/2021 |
|---|---|---|---|---|
| Equity |
Ownership Capital Global Equity Fund GQG Partners Emerging Market Equity Fund |
13.3% | 14.6% | 13.3% |
| Credit |
BlueBay Leveraged Finance Total Return Fund Allianz GI LIBOR Mandate Portfolio Wellington LIBOR Plus Portfolio |
21.5% | 25.2% | 27.4% |
| Property | M&G Secured Property Income Fund | 2.5% | 4.9% | 3.4% |
| Infrastructure Equity | BlackRock Global Renewable Power Infrastructure Fund III | 1.0% | 1.9% | 0.6% |
| Multi-strategy |
Bridgewater Optimal Portfolio Fund II Man Progressive Diversified Risk Premia Fund |
9.5% | 9.5% | 9.5% |
| Illiquid credit |
KKR Private Credit Opportunities Fund Partners II Fund M&G Multi-Dated Asset Fund |
3.3% | 6.5% | 3.9% |
| Liability Driven Investments and Cash |
LGIM Segregated LDI L&G Pensioner Buy-in JPM Liquidity LGIM Liquidity |
49.0% | 32.9% | 41.9% |
| Asset Class | Manager |
|---|---|
| Equities Equities | Ownership Capital Global Equity Fund Ownership Capital Global Equity Fund |
| GQG Partners Emerging Market Equity Fund GQG Partners Emerging Market Equity Fund | |
| Credit Credit | BlueBay Leveraged Finance Total Return Fund BlueBay Leveraged Finance Total Return Fund |
| Allianz GI LIBOR Mandate Portfolio Allianz GI LIBOR Mandate Portfolio | |
| Wellington LIBOR Plus Portfolio Wellington LIBOR Plus Portfolio | |
| Property Property | M&G Secured Property Income Fund M&G Secured Property Income Fund |
| Infrastructure Equity Infrastructure Equity | BlackRock Global Renewable Power Infrastructure Fund III BlackRock Global Renewable Power Infrastructure Fund III |
| Multi Strategy Multi Strategy | Bridgewater Optimal Portfolio Fund II Bridgewater Optimal Portfolio Fund II |
| Man Progressive Diversified Risk Premia Fund Man Progressive Diversified Risk Premia Fund | |
| Illiquid Credit Illiquid Credit | KKR Private Credit Opportunities Fund Partners II Fund KKR Private Credit Opportunities Fund Partners II Fund |
| M&G Multi-Dated Asset Fund M&G Multi-Dated Asset Fund | |
| Liability Driven Liability Driven | LGIM Segregated LDI LGIM Segregated LDI |
| L&G Pensioner Buy-in L&G Pensioner Buy-in | |
| Cash Cash | JPM Liquidity JPM Liquidity |
| LGIM Liquidity LGIM Liquidity |